Premier Financial Corp. Announces First Quarter 2024 Results

Share Name	Share Symbol	Market	Type
Premier Financial Corporation	NASDAQ:PFC	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	28.04	25.65	30.43				0	00:00:00

Premier Financial (NASDAQ:PFC)
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Declared dividend of $0.31 per share

First Quarter 2024 Highlights

Deposit average balances up 2.6% annualized
Earning asset average balances up 1.0% annualized
Loans/Deposits ratio down 110 basis points
Non-interest income up 6.0%
Non-interest expenses down 7% from first quarter 2023 or flat excluding insurance agency expenses
Delinquent loans down 12% and net charge-offs down 11 basis points to 0.02%
All regulatory capital ratios up including Tier 1 up 30 basis points to 12.49%

Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2024 first quarter results. Net income for the first quarter of 2024 was $17.8 million, or $0.50 per diluted common share, compared to $18.1 million, or $0.51 per diluted common share, for the first quarter of 2023.

“Premier’s overall financial performance for the first quarter was generally in line with our expectations,” said Gary Small, President and CEO of Premier. “Many elements of the business are off to a strong start, and there are clearly areas of opportunity to focus on.”

“The commercial business got off to a slow start in January and February as clients seemed to pause to evaluate interest rate expectations, macroeconomic environmental factors, etc.” Small continued. “Our clients showed a preference for using their cash on hand to finance capital expenditures and larger working capital needs versus traditional borrowing habits or drawing down on lines of credit. March saw a return to more typical commercial activity for the bank, with stronger new business numbers and an expanded business pipeline.”

“Our consumer households continue to manage their finances effectively,” continued Small. Delinquencies declined for the quarter, net charge-off levels remain low, and average consumer deposits grew 7.5% annualized from December to March.”

“Overall, we saw very positive average linked quarter deposit growth while average loan totals were flat on a linked quarter basis,” Small continued. “We have projected modest loan and deposit growth for the year and remain confident in our ability to deliver on the full year growth objectives.”

“Non-interest income was boosted by continued strong asset management revenue, and the residential mortgage team posted better than anticipated results,” continued Small. “The ‘new build’ housing market, a strength for the organization, remains active and represented approximately 50% of our origination activity during the quarter. The organization’s quarterly expense run rate was favorable and we anticipate continued favorable expense performance over the course of the year.”

“Credit costs were favorable for the quarter,” added Small. “Net charge-offs are running lower than our initial full year assumption. A strong economy, continued low unemployment, and modest loan growth targets combined with low delinquencies and non-performing asset levels support our expectation for continued favorable credit results.”

Quarterly results

Net interest income and margin

Net interest income of $49.6 million on a tax equivalent (“TE”) basis in the first quarter of 2024 was down 5.6% from $52.6 million in the fourth quarter of 2023 and down 12.0% from $56.3 million in the first quarter of 2023. The TE net interest margin of 2.50% in the first quarter of 2024 decreased 15 basis points from 2.65% in the fourth quarter of 2023 and 40 basis points from 2.90% in the first quarter of 2023. These results are primarily impacted by deposit balance/cost increases and loan balance/yield decreases.

Total deposits increased 2.3% annualized, or $40.3 million, during the first quarter of 2024, due to a $13.5 million increase in customer deposits (up 0.8% annualized) and an increase of $26.8 million in brokered deposits. Total average interest-bearing deposit costs increased 18 basis points to 3.01% for the first quarter of 2024. This increase was primarily due to new customer acquisitions and the migration of customers from non-interest-bearing deposits into interest-bearing deposits, including higher cost time deposits, as customers continue to seek better yields. Total average customer deposit costs including non-interest bearing and excluding brokered deposits and acquisition marks were 2.29% during the month of March, representing a cumulative beta of 40% compared to the change in the monthly average effective Federal Funds rate that increased 525 basis points to 5.33% since December 2021, as reported by the Federal Reserve Economic Data.

Total loans including held-for-sale decreased 3.1% annualized, or $53.8 million, during the first quarter of 2024, primarily due to a $28.8 million decrease in commercial loans and a $15.8 million decrease in mortgage loans including held-for-sale. Total average loan yields decreased two basis points to 5.19% for the first quarter of 2024. This decrease was primarily due to paydowns of floating-rate commercial lines of credit and payoffs of certain higher yielding fixed-rate loans. Total average loan yields excluding PPP, balance sheet hedges and acquisition marks were 5.29% during the month of March (up 5 basis points from 5.24% in December), representing a cumulative beta of 29% compared to the change in the monthly average effective Federal Funds rate for the same period.

“Net interest income remains the most challenging profitability component we face,” said Small. “For the quarter, we experienced a sharper decline than anticipated. There were three primary drivers of the decline: lower commercial non-interest-bearing deposit balances tied to increased client utilization of cash on hand, continued mix migration from lower to higher yielding deposit products, and slightly below plan average loan balances for the quarter. We anticipate recovering a good portion of commercial non-interest-bearing deposit balances as clients rebuild their liquidity, and we expect average loan balances to rebound in the near term. Regarding mix migration, we initiated actions in early March designed to lower our deposit portfolio funding costs. Results to-date have been encouraging, and the effort will be expanded. While Premier’s performance will clearly benefit from future rate cuts initiated by the Federal Reserve, we are committed to managing the business issues within our control to achieve a better outcome today.”

Non-interest income

Total non-interest income in the first quarter of 2024 of $12.5 million was up 6.0% from $11.8 million in the fourth quarter of 2023, and up 61.5% from $7.7 million in the first quarter of 2023, excluding insurance commissions, primarily due to fluctuations in mortgage banking and gains/losses on securities. Mortgage banking income increased $1.5 million on a linked quarter basis and $2.6 million year-over-year, primarily as a result of fluctuations in gain margins and MSR valuation adjustments.

Security losses were $37 thousand in the first quarter of 2024, compared to gains of $675 thousand in the fourth quarter of 2023 and losses of $1.4 million in the first quarter of 2023, primarily due to valuation changes on equity securities. Service fees in the first quarter of 2024 were $6.5 million, a 4.3% decrease from $6.8 million in the fourth quarter of 2023, but a 0.6% increase from $6.4 million in the first quarter of 2023. This change was primarily due to fluctuations in loan fees, including commercial customer swap activity. Due to the insurance agency sale in the second quarter of 2023, there were no insurance commissions in the first quarter of 2024, compared to $4.7 million in the first quarter of 2023. Wealth management income of $1.7 million in the first quarter of 2024 was down slightly from $1.8 million in the fourth quarter of 2023 and 15.4% higher than $1.5 million in the first quarter of 2023. BOLI income of $1.7 million in the first quarter of 2024 included $0.5 million of claim gains, compared to $1.5 million in the fourth quarter of 2023, including $0.5 million of claim gains, and $1.4 million in the first quarter of 2023, including $0.4 million of claim gains.

Non-interest expenses

Non-interest expenses in the first quarter of 2024 were $39.9 million, a 5.3% increase from $37.9 million in the fourth quarter of 2023, but a 6.8% decrease from $42.8 million in the first quarter of 2023. Compensation and benefits were $23.4 million in the first quarter of 2024, compared to $21.0 million in the fourth quarter of 2023 and $25.7 million in the first quarter of 2023. The linked quarter increase was primarily due to annual merit increases and lower deferred costs as a result of lower loan production. The year-over-year decrease was primarily due to the insurance agency sale, partially offset by costs related to higher staffing levels and higher base compensation, including 2024 annual adjustments. Data processing costs were $4.7 million in the first quarter of 2024, compared to $4.7 million in the fourth quarter of 2023 and $3.9 million in the first quarter of 2023, with the year-over-year increase primarily due to the new digital platform launched in October 2023. All other non-interest expenses decreased a net $0.4 million on a linked quarter basis due to cost saving initiatives and decreased a net $1.4 million on a year-over-year basis due to the insurance agency sale and cost saving initiatives. The efficiency ratio for the first quarter of 2024 was 64.2% compared to 59.5% in the fourth quarter of 2023 and 60.9% in the first quarter of 2023.

“Our cost containment efforts continue to be successful with first quarter expenses coming in less than expected,” said Paul Nungester, CFO of Premier. “Similar to 2023, we are committed to cost saving initiatives to help alleviate on-going net interest income challenges.”

Credit quality

Non-performing assets totaled $39.3 million, or 0.46% of assets, at March 31, 2024, an increase from $35.7 million at December 31, 2023, and from $34.8 million at March 31, 2023. Loan delinquencies decreased to $18.3 million, or 0.27% of loans, at March 31, 2024, from $20.9 million at December 31, 2023, but increased from $11.1 million at March 31, 2023. Criticized loans totaled $191.5 million, or 2.78% of loans, as of March 31, 2024, an increase from $186.4 million at December 31, 2023, and from $123.9 million at March 31, 2023.

The 2024 first quarter results include net charge-offs of $0.4 million and a total provision benefit of $0.1 million, compared with net loan charge-offs of $2.5 million and a total provision expense of $3.7 million for the same period in 2023. The change in provision is due to both lower charge-offs and a decrease in loans during the first quarter of 2024 compared to an increase in loans during the first quarter of 2023. The allowance for credit losses as a percentage of total loans was 1.15% at March 31, 2024, compared with 1.14% at December 31, 2023, and 1.13% at March 31, 2023.

Total assets at $8.63 billion

Total assets at March 31, 2024, were $8.63 billion, compared to $8.63 billion at December 31, 2023, and $8.56 billion at March 31, 2023. Loans receivable were $6.69 billion at March 31, 2024, compared to $6.74 billion at December 31, 2023, and $6.58 billion at March 31, 2023. Securities at March 31, 2024, were $1.02 billion, compared to $0.95 billion at December 31, 2023, and $1.00 billion at March 31, 2023. All securities are either AFS or trading and are reflected at fair value on the balance sheet. Also, at March 31, 2024, goodwill and other intangible assets totaled $306.8 million compared to $307.8 million at December 31, 2023, and $335.8 million at March 31, 2023, with the year-over-year decrease primarily due to the insurance agency sale.

Total non-brokered deposits at March 31, 2024, were $6.81 billion, compared with $6.80 billion at December 31, 2023, and $6.62 billion at March 31, 2023. At March 31, 2024, customer deposits increased $13.5 million on a linked quarter basis, or 0.8% annualized. Brokered deposits were $368.8 million at March 31, 2024, compared to $341.9 million at December 31, 2023 and $154.9 million at March 31, 2023. FHLB borrowings declined to $253.0 million at March 31, 2024, from $280.0 million at December 31, 2023, and from $658.0 million at March 31, 2023.

Total stockholders’ equity was $974.3 million at March 31, 2024, compared to $975.6 million at December 31, 2023, and $914.5 million at March 31, 2023. The quarterly decrease in stockholders’ equity was primarily due to a decrease in AOCI, which included $5.3 million for a negative valuation adjustment on the AFS securities portfolio, mostly offset by net earnings after dividends. The year-over-year increase was primarily due to net earnings after dividends including the impact the insurance agency sale offset partially offset by a decrease in AOCI, which included $4.6 million for negative valuation adjustments on the AFS securities portfolio. At March 31, 2024, 1,199,634 common shares remained available for repurchase under the Company’s existing repurchase program.

Regulatory ratios all improved during the first quarter of 2024, including CET1 of 11.99%, Tier 1 of 12.49% and Total Capital of 14.35%. All of these ratios also exceed well-capitalized guidelines pro forma for including accumulated other comprehensive income (“AOCI”), including CET1 of 9.66%, Tier 1 of 10.16% and Total Capital of 12.03%.

“We continue to carefully manage capital levels in light of the current uncertain economic environment,” said Nungester. “Tangible equity was essentially flat from prior quarter with net income offsetting dividends and a decrease in AOCI. Regulatory ratios each increased approximately 30 basis points to further enhance our capital foundation.”

Dividend to be paid May 10

The Board of Directors declared a quarterly cash dividend of $0.31 per common share payable May 10, 2024, to shareholders of record at the close of business on May 3, 2024. The dividend represents an annual dividend of 6.16% percent based on the Premier common stock closing price on April 22, 2024. Premier has approximately 35,814,000 common shares outstanding.

Conference call

Premier will host a conference call at 10:00 a.m. ET on Wednesday, April 24, 2024, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-833-470-1428 and using access code 477589. Internet access to the call is also available (in listen-only mode) at the following URL: https://events.q4inc.com/attendee/254838453. The webcast replay of the conference call will be available at www.PremierFinCorp.com for one year.

About Premier Financial Corp.

Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 76 branches and 9 loan offices in Ohio, Michigan, Indiana and Pennsylvania and also serves clients through a team of wealth professionals dedicated to each community banking branch. For more information, visit the company’s website at PremierFinCorp.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This document may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements regarding projections, forecasts, goals and plans of Premier Financial Corp. and its management, future movements of interests, loan or deposit production levels, future credit quality ratios, future strength in the market area, and growth projections. These statements do not describe historical or current facts and may be identified by words such as “intend,” “intent,” “believe,” “expect,” “estimate,” “target,” “plan,” “anticipate,” or similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” “can,” or similar verbs. There can be no assurances that the forward-looking statements included in this presentation will prove to be accurate. In light of the significant uncertainties in the forward-looking statements, the inclusion of such information should not be regarded as a representation by Premier or any other persons, that our objectives and plans will be achieved. Forward-looking statements involve numerous risks and uncertainties, any one or more of which could affect Premier’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. These risks and uncertainties include, but not limited to: financial markets, our customers, and our business and results of operation; disruptions in the mortgage market; risks and uncertainties inherent in general and local banking, insurance and mortgage conditions; political uncertainty; uncertainty in U.S. fiscal or monetary policy including interest rate policies of the Federal Reserve; uncertainty concerning or disruptions relating to tensions surrounding the current socioeconomic landscape; competitive factors specific to markets in which Premier and its subsidiaries operate; increasing competition for financial products from other financial institutions and nonbank financial technology companies; future interest rates and changes or volatility in interest rate levels; legislative or regulatory rulemaking or actions; capital market conditions; security breaches or unauthorized disclosure of confidential customer or Company information; interruptions in the effective operation of information and transaction processing systems of Premier or Premier’s vendors and service providers; failures or delays in integrating or adopting new technology; the impact of the cessation of LIBOR interest rates and implementation of a replacement rate; and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2023 and any further amendments thereto. All forward-looking statements made in this presentation are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its March 31, 2024, consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC. Accordingly, subsequent events could occur that may cause Premier to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.

Non-GAAP Reporting Measures

We believe that net income, as defined by U.S. GAAP, is the most appropriate earnings measurement. However, we consider core net interest income, core net income and core pre-tax pre-provision income to be a useful supplemental measure of our operating performance. We define core net interest income as net interest income on a tax-equivalent basis excluding income from PPP loans and purchase accounting marks accretion. We define core net income as net income excluding the after-tax impact of the insurance agency gain on sale and related transaction costs. We define core pre-tax pre-provision income as pre-tax pre-provision income excluding the pre-tax impact of the insurance agency gain on sale and related transaction costs. We believe that these metrics are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the Company between periods or as compared to other financial institutions or other companies on a consistent basis without having to account for income from PPP loans, purchase accounting marks accretion or the insurance agency sale. Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other financial institutions or other companies. Please see the exhibits for reconciliations of our supplemental reporting measures.

Consolidated Balance Sheets (Unaudited) Premier Financial Corp. March 31, December 31, September 30, June 30, March 31, (in thousands)

2024

2023

Assets Cash and cash equivalents Cash and amounts due from depositories

57,956

81,973

70,642

71,096

68,628

Interest-bearing deposits

31,725

32,783

46,855

50,631

88,399

89,681

114,756

117,497

121,727

157,027

Available-for-sale, carried at fair value

1,014,433

946,708

911,184

961,123

998,128

Equity securities, carried at fair value

5,736

5,773

5,860

6,458

6,387

Securities investments

1,020,169

952,481

917,044

967,581

1,004,515

Loans (1)

6,693,745

6,739,387

6,696,869

6,708,568

6,575,829

Allowance for credit losses - loans

(76,679

)

(76,512

)

(76,513

)

(75,921

)

(74,273

)

Loans, net

6,617,066

6,662,875

6,620,356

6,632,647

6,501,556

Loans held for sale

137,523

145,641

135,218

128,079

119,604

Mortgage servicing rights

18,628

18,696

19,642

20,160

20,654

Accrued interest receivable

34,795

33,446

34,648

30,056

29,388

Federal Home Loan Bank stock

26,075

21,760

25,049

39,887

37,056

Bank Owned Life Insurance

182,203

181,544

172,906

171,856

170,841

Office properties and equipment

57,231

56,878

55,679

55,736

55,982

Real estate and other assets held for sale

255

243

387

561

393

Goodwill

295,602

295,602

317,988

Core deposit and other intangibles

11,196

12,186

13,220

14,298

17,804

Other assets

140,630

129,841

155,628

138,021

129,508

Total Assets

8,631,054

8,625,949

8,562,876

8,616,211

8,562,316

Liabilities and Stockholders’ Equity Non-interest-bearing deposits

1,467,161

1,591,979

1,545,595

1,573,837

1,649,726

Interest-bearing deposits

5,347,444

5,209,123

5,127,863

5,007,358

4,969,436

Brokered deposits

368,782

341,944

392,181

413,237

154,869

Total deposits

7,183,387

7,143,046

7,065,639

6,994,432

6,774,031

Advances from FHLB

253,000

280,000

339,000

455,000

658,000

Subordinated debentures

85,261

85,229

85,197

85,166

85,123

Advance payments by borrowers

16,861

23,277

22,781

26,045

26,300

Reserve for credit losses - unfunded commitments

3,614

4,307

4,690

5,708

6,577

Other liabilities

114,590

114,463

126,002

112,889

97,835

Total Liabilities

7,656,713

7,650,322

7,643,309

7,679,240

7,647,866

Stockholders’ Equity Preferred stock

Common stock, net

306

306

Additional paid-in-capital

689,468

690,585

690,038

689,579

689,807

Accumulated other comprehensive income (loss)

(162,081

)

(153,719

)

(200,282

)

(168,721

)

(153,709

)

Retained earnings

576,648

569,937

560,945

547,336

510,021

Treasury stock, at cost

(130,000

)

(131,482

)

(131,440

)

(131,529

)

(131,975

)

Total Stockholders’ Equity

974,341

975,627

919,567

936,971

914,450

Total Liabilities and Stockholders’ Equity

8,631,054

8,625,949

8,562,876

8,616,211

8,562,316

(1) Includes PPP loans of:

417

469

526

577

791

Consolidated Statements of Income (Unaudited) Premier Financial Corp. Three Months Ended (in thousands, except per share amounts) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Interest Income: Loans

87,597

87,924

86,612

81,616

76,057

Investment securities

7,602

7,013

6,943

6,997

7,261

Interest-bearing deposits

609

740

652

641

444

FHLB stock dividends

534

621

690

905

394

Total interest income

96,342

96,298

94,897

90,159

84,156

Interest Expense: Deposits

42,567

39,250

34,874

26,825

21,458

FHLB advances

3,039

3,328

4,597

8,217

5,336

Subordinated debentures

1,162

1,169

1,162

1,125

1,075

Notes Payable

Total interest expense

46,768

43,747

40,633

36,167

27,869

Net interest income

49,574

52,551

54,264

53,992

56,287

Provision (benefit) for credit losses - loans

560

2,143

245

1,410

3,944

Provision (benefit) for credit losses - unfunded commitments

(693

)

(382

)

(1,018

)

(870

)

(238

)

Total provision (benefit) for credit losses

(133

)

1,761

(773

)

540

3,706

Net interest income after provision

49,707

50,790

55,037

53,452

52,581

Non-interest Income: Service fees and other charges

6,467

6,761

6,947

7,190

6,428

Mortgage banking income

2,350

802

3,274

2,940

(274

)

Gain (loss) on sale of non-mortgage loans

Gain (loss) on sale of available for sale securities

)

Gain (loss) on equity securities

(37

)

665

256

(1,445

)

Gain on sale of insurance agency

36,296

Insurance commissions

4,131

4,725

Wealth management income

1,713

1,791

1,509

1,537

1,485

Income from Bank Owned Life Insurance

1,697

1,532

1,050

1,015

1,417

Other non-interest income

239

134

217

102

Total Non-interest Income

12,496

11,789

13,253

53,346

12,462

Non-interest Expense: Compensation and benefits

23,394

20,963

21,813

24,175

25,658

Occupancy

3,365

3,318

3,145

3,320

3,574

FDIC insurance premium

1,120

1,383

1,346

1,786

1,288

Financial institutions tax

1,035

761

989

961

852

Data processing

4,670

4,678

4,010

3,640

3,863

Amortization of intangibles

990

1,033

1,078

1,223

1,270

Transaction costs

3,652

Other non-interest expense

5,326

5,757

5,671

5,738

6,286

Total Non-interest Expense

39,900

37,893

38,052

44,495

42,791

Income before income taxes

22,303

24,686

30,238

62,303

22,252

Income tax expense

4,514

4,616

5,551

13,912

4,103

Net Income

17,789

20,070

24,687

48,391

18,149

Earnings per common share: Basic

0.50

0.56

0.69

1.35

0.51

Diluted

0.50

0.56

0.69

1.35

0.51

Average Shares Outstanding: Basic

35,772

35,655

35,730

35,722

35,606

Diluted

35,771

35,772

35,794

35,800

35,719

Premier Financial Corp. Selected Quarterly Information Three Months Ended (dollars in thousands, except per share data) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Summary of Operations Tax-equivalent interest income (1)

96,417

96,340

94,951

90,226

84,260

Interest expense

46,768

43,747

40,633

36,167

27,869

Tax-equivalent net interest income (1)

49,649

52,593

54,318

54,059

56,391

Provision expense for credit losses

(133

)

1,761

(773

)

540

3,706

Non-interest income (ex securities gains/losses)

12,533

11,114

12,997

53,282

13,873

Core non-interest income (ex securities gains/losses) (2)

12,533

11,114

12,997

16,986

13,873

Non-interest expense

39,900

37,893

38,052

44,495

42,791

Core non-interest expense (2)

39,900

37,893

38,052

40,843

42,791

Income tax expense

4,514

4,616

5,551

13,912

4,103

Net income

17,789

20,070

24,687

48,391

18,149

Core net income (2)

17,789

20,070

24,687

24,230

18,149

Tax equivalent adjustment (1)

104

At Period End Total assets

8,631,054

8,625,949

8,562,876

8,616,211

8,562,316

Goodwill and intangibles

306,798

307,788

308,822

309,900

335,792

Tangible assets (3)

8,324,256

8,318,161

8,254,054

8,306,311

8,226,524

Earning assets

7,832,558

7,815,540

7,744,522

7,818,825

7,751,130

Loans

6,693,745

6,739,387

6,696,869

6,708,568

6,575,829

Allowance for loan losses

76,679

76,512

76,513

75,921

74,273

Deposits

7,183,387

7,143,046

7,065,639

6,994,432

6,774,031

Stockholders’ equity

974,341

975,627

919,567

936,971

914,450

Stockholders’ equity / assets

11.29

11.31

10.74

10.87

10.68

Tangible equity (3)

667,543

667,839

610,745

627,071

578,658

Tangible equity / tangible assets

8.02

8.03

7.40

7.55

7.03

Average Balances Total assets

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

Earning assets

7,956,887

7,936,648

7,969,363

7,951,520

7,783,850

Loans

6,745,823

6,754,782

6,763,232

6,714,240

6,535,080

Deposits and interest-bearing liabilities

7,476,431

7,447,324

7,486,595

7,538,674

7,385,946

Deposits

7,144,343

7,098,265

7,045,827

6,799,605

6,833,521

Stockholders’ equity

974,560

930,835

939,456

921,441

901,587

Goodwill and intangibles

307,226

308,243

309,330

334,862

336,418

Tangible equity (3)

667,334

622,592

630,126

586,579

565,169

Per Common Share Data Earnings per share ("EPS") - Basic

0.50

0.56

0.69

1.35

0.51

EPS - Diluted

0.50

0.56

0.69

1.35

0.51

EPS - Core diluted (2)

0.50

0.56

0.69

0.68

0.51

Dividends Paid

0.31

0.31

Market Value: High

24.50

24.87

22.89

21.01

27.80

Low

18.68

15.79

15.70

13.60

20.39

20.30

24.10

17.06

16.02

20.73

Common Book Value

27.20

27.31

25.74

26.23

25.61

Tangible Common Book Value (3)

18.64

18.69

17.09

17.55

16.21

Shares outstanding, end of period (000s)

35,817

35,730

35,731

35,727

35,701

Performance Ratios (annualized) Tax-equivalent net interest margin (1)

2.50

2.65

2.73

2.72

2.90

Return on average assets

0.83

0.93

1.14

2.26

0.86

Core return on average assets (2)

0.83

0.93

1.14

1.13

0.86

Return on average equity

7.34

8.55

10.43

21.06

8.07

Core return on average equity (2)

7.34

8.55

10.43

10.55

8.07

Return on average tangible equity

10.72

12.79

15.54

33.09

12.88

Core return on average tangible equity (2)

10.72

12.79

15.54

16.57

10.51

Efficiency ratio (4)

64.17

59.48

56.53

41.45

60.90

Core efficiency ratio (2)

64.17

59.48

56.53

57.49

60.90

Non-interest expenses / average assets

1.87

1.76

2.08

2.06

Core non-interest expenses / average assets

1.87

1.76

1.91

2.06

Effective tax rate

20.24

18.70

18.36

22.33

18.44

Common dividend payout ratio

62.00

55.36

44.93

22.96

60.78

(1) Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Core items exclude the impact of insurance agency disposition related items. See non-GAAP reconciliations. (3) Tangible assets = total assets less the sum of goodwill and core deposit and other intangibles. Tangible equity = total stockholders' equity less the sum of goodwill, core deposit and other intangibles, and preferred stock. Tangible common book value = tangible equity divided by shares outstanding at the end of the period. (4) Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net. Premier Financial Corp. Yield Analysis (dollars in thousands) Three Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Average Balances Interest-earning assets: Loans receivable (1)

6,745,823

6,754,782

6,763,232

6,714,240

6,535,080

Securities

1,152,346

1,121,231

1,137,730

1,155,451

1,190,359

Interest Bearing Deposits

34,924

36,761

38,210

36,730

35,056

FHLB stock

23,794

23,874

30,191

45,099

30,353

Total interest-earning assets

7,956,887

7,936,648

7,969,363

7,951,520

7,790,848

Non-interest-earning assets

635,060

599,545

612,856

646,266

642,252

Total assets

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

Deposits and Interest-bearing Liabilities: Interest bearing deposits

5,650,823

5,541,498

5,490,945

5,195,727

5,078,510

FHLB advances and other

246,846

263,848

355,576

653,923

467,311

Subordinated debentures

85,242

85,211

85,179

85,146

85,114

Notes payable

Total interest-bearing liabilities

5,982,911

5,890,557

5,931,713

5,934,796

5,630,935

Non-interest bearing deposits

1,493,520

1,556,767

1,554,882

1,603,878

1,755,011

Total including non-interest-bearing deposits

7,476,431

7,447,324

7,486,595

7,538,674

7,385,946

Other non-interest-bearing liabilities

140,956

158,034

156,168

137,671

145,567

Total liabilities

7,617,387

7,605,358

7,642,763

7,676,345

7,531,513

Stockholders' equity

974,560

930,835

939,456

921,441

901,587

Total liabilities and stockholders' equity

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

IEAs/IBLs

133

135

134

138

Interest Income/Expense Interest-earning assets: Loans receivable (2)

87,603

87,929

86,618

81,622

76,063

Securities (2)

7,671

7,050

6,991

7,058

7,359

Interest Bearing Deposits

609

740

652

641

444

FHLB stock

534

621

690

905

394

Total interest-earning assets

96,417

96,340

94,951

90,226

84,260

Deposits and Interest-bearing Liabilities: Interest bearing deposits

42,567

39,250

34,874

26,825

21,458

FHLB advances and other

3,039

3,328

4,597

8,217

5,336

Subordinated debentures

1,162

1,169

1,162

1,125

1,075

Notes payable

Total interest-bearing liabilities

46,768

43,747

40,633

36,167

27,869

Non-interest bearing deposits

Total including non-interest-bearing deposits

46,768

43,747

40,633

36,167

27,869

Net interest income

49,649

52,593

54,318

54,059

56,391

Annualized Average Rates Interest-earning assets: Loans receivable

5.19

5.21

5.12

4.86

4.66

Securities (3)

2.66

2.52

2.46

2.44

2.47

Interest Bearing Deposits

6.98

8.05

6.83

6.98

5.07

FHLB stock

8.98

10.40

9.14

8.03

5.19

Total interest-earning assets

4.85

4.86

4.77

4.54

4.33

Deposits and Interest-bearing Liabilities: Interest bearing deposits

3.01

2.83

2.54

2.07

1.69

FHLB advances and other

4.92

5.05

5.17

5.03

4.57

Subordinated debentures

5.45

5.49

5.46

5.29

5.05

Notes payable

Total interest-bearing liabilities

3.13

2.97

2.74

2.44

1.98

Non-interest bearing deposits

Total including non-interest-bearing deposits

2.50

2.35

2.17

1.92

1.51

Net interest spread

1.72

1.89

2.03

2.10

2.35

Net interest margin (4)

2.50

2.65

2.73

2.72

2.90

(1) Includes average PPP loans of:

442

495

553

673

965

(2) Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 21%. (3) Securities yield = annualized interest income divided by the average balance of securities, excluding average unrealized gains/losses. (4) Net interest margin is tax equivalent net interest income divided by average interest-earning assets. Premier Financial Corp. Deposits and Liquidity (dollars in thousands) As of and for the Three Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Ending Balances Non-interest-bearing demand deposits

1,467,161

1,591,979

1,545,595

1,573,837

1,649,726

Savings deposits

656,122

677,679

709,938

748,392

775,186

Interest-bearing demand deposits

553,331

565,757

580,069

594,325

646,329

Money market account deposits

1,426,809

1,374,526

1,279,551

1,282,721

1,342,451

Time deposits

1,051,955

998,002

925,353

904,717

856,720

Public funds, ICS and CDARS deposits

1,659,227

1,593,159

1,632,952

1,477,203

1,348,750

Brokered deposits

368,782

341,944

392,181

413,237

154,869

Total deposits

7,183,387

7,143,046

7,065,639

6,994,432

6,774,031

Average Balances Non-interest-bearing demand deposits

1,493,520

1,556,767

1,554,882

1,603,878

1,755,011

Savings deposits

663,786

691,295

728,545

762,074

782,215

Interest-bearing demand deposits

547,168

557,210

575,744

603,572

637,423

Money market account deposits

1,411,075

1,331,623

1,278,381

1,311,177

1,430,905

Time deposits

1,025,946

959,420

912,579

872,991

825,652

Public funds, ICS and CDARS deposits

1,618,554

1,614,339

1,573,213

1,399,749

1,232,230

Brokered deposits

384,294

387,611

422,483

246,164

170,085

Total deposits

7,144,343

7,098,265

7,045,827

6,799,605

6,833,521

Average Rates Non-interest-bearing demand deposits

0.00

0.00

Savings deposits

0.03

0.03

0.02

Interest-bearing demand deposits

0.12

0.13

0.11

0.10

0.07

Money market account deposits

2.83

2.65

2.02

1.73

1.54

Time deposits

3.55

3.15

2.68

2.27

1.83

Public funds, ICS and CDARS deposits

4.48

4.30

4.18

3.71

3.32

Brokered deposits

5.33

5.46

5.36

4.92

4.19

Total deposits

2.38

2.21

1.98

1.58

1.26

Other Deposits Data Loans/Deposits Ratio

93.2

94.3

94.8

95.9

97.1

Uninsured deposits %

32.6

33.1

32.8

31.5

32.3

Adjusted uninsured deposits % (1)

17.6

18.9

17.7

17.3

19.6

Top 20 depositors %

14.0

13.9

14.1

12.4

12.1

Public funds %

18.5

17.9

18.8

17.5

16.5

Average account size (excluding brokered)

27.0

26.9

27.1

26.7

27.0

Securities Data Held-to-maturity (HTM) at fair value

Available-for-sale (AFS) at fair value (2)

1,014,433

946,708

911,184

961,123

998,128

Equity investment at fair value (3)

5,736

5,773

5,860

6,458

6,387

Total securities at fair value

1,020,169

952,481

917,044

967,581

1,004,515

Cash+Securities/Assets

12.9

12.4

12.1

12.6

13.6

Projected AFS cash flow in next 12 months

89,563

69,067

66,495

64,687

73,184

AFS average life (years)

5.3

6.2

6.5

6.4

Liquidity Sources Cash and cash equivalents

89,681

114,756

117,497

121,727

157,027

Unpledged securities at fair value

398,610

314,385

280,916

298,471

211,468

FHLB borrowing capacity

1,383,086

1,336,707

1,311,091

1,542,459

1,358,650

Brokered deposits

491,447

513,767

316,697

288,719

524,889

Bank and parent lines of credit

70,000

70,000

Federal Reserve - Discount Window and BTFP (4)

680,456

620,518

471,395

491,141

129,918

Total

3,113,280

2,970,133

2,567,596

2,812,517

2,451,952

Total liquidity to adjusted uninsured deposits ratio

244.7

218.3

204.0

230.5

183.2

(1) Adjusted for collateralized deposits, other insured deposits and intra-company accounts. (2) Mark-to-market included in accumulated other comprehensive income. (3) Mark-to-market included in net income each quarter. (4) Includes capacity related to unpledged securities at par value in excess of fair value under Bank Term Funding Program prior to 3/31/24. Premier Financial Corp. Loans and Capital (dollars in thousands) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Loan Portfolio Composition Residential real estate

1,816,416

1,810,265

1,797,676

1,711,632

1,624,331

Residential real estate construction

15,009

28,794

51,637

111,708

141,209

Total residential loans

1,831,425

1,839,059

1,849,313

1,823,340

1,765,540

Commercial real estate

2,830,086

2,839,905

2,820,410

2,848,410

2,813,441

Commercial construction

535,294

528,563

502,502

472,328

440,510

Commercial excluding PPP

1,030,620

1,056,334

1,038,939

1,068,795

1,060,351

Core commercial loans (1)

4,396,000

4,424,802

4,361,851

4,389,533

4,314,302

Consumer direct/indirect

187,664

193,830

203,800

210,390

212,299

Home equity and improvement lines

265,362

267,960

269,053

272,792

271,676

Total consumer loans

453,026

461,790

472,853

483,182

483,975

Deferred loan origination fees

12,877

13,267

12,326

11,936

11,221

Core loans (1)

6,693,328

6,738,918

6,696,343

6,707,991

6,575,038

PPP loans

417

469

526

577

791

Total loans

6,693,745

6,739,387

6,696,869

6,708,568

6,575,829

Loans held for sale

137,523

145,641

135,218

128,079

119,631

Core residential loans (1)

1,968,948

1,984,700

1,984,531

1,951,419

1,885,171

Total loans including loans held for sale but excluding PPP

6,830,851

6,884,559

6,831,561

6,836,070

6,694,669

Undisbursed construction loan funds - residential

57,246

72,748

82,689

102,198

157,934

Undisbursed construction loan funds - commercial

151,677

208,718

284,610

353,455

446,294

Undisbursed construction loan funds - total

208,923

281,466

367,299

455,653

604,228

Total construction loans including undisbursed funds

759,226

838,823

921,438

1,039,689

1,185,947

Gross loans (2)

6,889,791

7,007,586

7,051,842

7,152,285

7,168,836

Fixed rate loans %

49.0

49.3

49.8

49.5

Floating rate loans %

16.5

15.6

15.8

15.9

13.4

Adjustable rate loans repricing within 1 year %

3.4

3.4

2.9

1.5

2.0

Adjustable rate loans repricing over 1 year %

31.1

31.7

31.5

32.8

35.1

Commercial Real Estate Loans Composition Non owner occupied excluding office

1,026,598

1,027,801

1,023,585

1,012,400

947,442

Non owner occupied office

189,436

205,302

207,869

225,046

220,668

Owner occupied excluding office

656,825

653,849

597,303

603,650

609,203

Owner occupied office

112,706

113,679

106,761

107,240

109,014

Multifamily

652,371

642,651

627,602

633,909

661,996

Agriculture land

121,102

121,544

119,710

123,104

122,384

Other commercial real estate

71,048

75,079

137,580

143,061

142,734

Total commercial real estate loans

2,830,086

2,839,905

2,820,410

2,848,410

2,813,441

Capital Balances Total equity

974,341

975,627

919,567

936,971

914,450

Less: Regulatory goodwill and intangibles

301,716

302,706

303,740

304,818

330,711

Less: Accumulated other comprehensive income/(loss) ("AOCI")

(162,081

)

(153,719

)

(200,282

)

(168,721

)

(153,709

)

Common equity tier 1 capital ("CET1")

834,706

826,640

816,109

800,874

737,448

Add: Tier 1 subordinated debt

35,000

35,000

Tier 1 capital

869,706

861,640

851,109

835,874

772,448

Add: Regulatory allowances

79,827

80,231

80,791

80,812

80,003

Add: Tier 2 subordinated debt

50,000

50,000

Total risk-based capital

999,533

991,871

981,900

966,686

902,451

Total risk-weighted assets

6,964,156

7,066,743

7,329,471

7,381,940

7,370,704

Capital Ratios CET1 Ratio

11.99

11.70

11.13

10.85

10.01

CET1 Ratio including AOCI

9.66

9.52

8.40

8.56

7.92

Tier 1 Capital Ratio

12.49

12.19

11.61

11.32

10.48

Tier 1 Capital Ratio including AOCI

10.16

10.02

8.88

9.04

8.39

Total Capital Ratio

14.35

14.04

13.39

13.10

12.24

Total Capital Ratio including AOCI

12.03

11.86

10.66

10.81

10.16

(1) Core loans represents total loans excluding undisbursed loan funds, deferred loan origination fees and PPP loans. Core commercial loans represents total commercial real estate, commercial and commercial construction excluding commercial undisbursed loan funds, deferred loan origination fees and PPP loans. Core residential loans represents total loans held for sale, one to four family residential real estate and residential construction excluding residential undisbursed loan funds and deferred loan origination fees. (2) Gross loans represent total loans including undisbursed construction funds but excluding deferred loan origination fees. Premier Financial Corp. Loan Delinquency Information (dollars in thousands) Total Balance Current 30 to 89 days past due % of Total Non Accrual Loans % of Total March 31, 2024 One to four family residential real estate

1,816,416

1,797,169

5,834

0.32

13,413

0.74

Construction

759,226

0.00

Commercial real estate

2,830,086

2,821,750

1,083

0.04

7,253

0.26

Commercial

1,031,037

1,013,857

4,440

0.43

12,740

1.24

Home equity and improvement

265,362

260,683

2,613

0.98

2,066

0.78

Consumer finance

187,664

179,741

4,364

2.33

3,559

1.90

Gross loans

6,889,791

6,832,426

18,334

0.27

39,031

0.57

December 31, 2023 One to four family residential real estate

1,810,265

1,785,935

9,429

0.52

14,901

0.82

Construction

838,823

838,715

108

0.01

0.00

Commercial real estate

2,839,905

2,833,233

475

0.02

6,197

0.22

Commercial

1,056,803

1,045,185

2,623

0.25

8,995

0.85

Home equity and improvement

267,960

263,134

2,887

1.08

1,939

0.72

Consumer finance

193,830

185,041

5,330

2.75

3,459

1.78

Gross loans

7,007,586

6,951,243

20,852

0.30

35,491

0.51

March 31, 2023 One to four family residential real estate

1,624,331

1,611,658

4,514

0.28

8,159

0.50

Construction

1,185,947

1,185,803

144

0.01

0.00

Commercial real estate

2,813,441

2,799,007

0.00

14,346

0.51

Commercial

1,061,142

1,053,681

471

0.04

6,990

0.66

Home equity and improvement

271,676

266,931

2,404

0.88

2,341

0.86

Consumer finance

212,299

206,247

3,511

1.65

2,541

1.20

Gross loans

7,168,836

7,123,327

11,132

0.16

34,377

0.48

Loan Risk Ratings Information (dollars in thousands) Total Balance Pass Rated Special Mention % of Total Classified % of Total March 31, 2024 One to four family residential real estate

1,806,724

1,794,030

487

0.03

12,207

0.68

Construction

759,226

751,726

7,500

0.99

0.00

Commercial real estate

2,828,138

2,749,206

53,456

1.89

25,476

0.90

Commercial

1,027,101

945,049

32,487

3.16

49,565

4.83

Home equity and improvement

263,897

262,046

0.00

1,851

0.70

Consumer finance

187,501

184,214

0.00

3,287

1.75

PCD loans

17,204

12,006

2,485

14.44

2,713

15.77

Gross loans

6,889,791

6,698,277

96,415

1.40

95,099

1.38

December 31, 2023 One to four family residential real estate

1,800,383

1,785,839

594

0.03

13,950

0.77

Construction

838,823

831,333

7,490

0.89

0.00

Commercial real estate

2,837,865

2,760,804

50,784

1.79

26,277

0.93

Commercial

1,054,834

975,264

57,634

5.46

21,936

2.08

Home equity and improvement

266,082

264,664

0.00

1,418

0.53

Consumer finance

193,626

190,393

0.00

3,233

1.67

PCD loans

15,973

12,899

197

1.23

2,877

18.01

Gross loans

7,007,586

6,821,196

116,699

1.67

69,691

0.99

March 31, 2023 One to four family residential real estate

1,612,999

1,604,694

493

0.03

7,812

0.48

Construction

1,185,947

0.00

Commercial real estate

2,811,999

2,748,598

41,677

1.48

21,724

0.77

Commercial

1,055,829

1,015,416

33,090

3.13

7,323

0.69

Home equity and improvement

269,455

267,588

0.00

1,867

0.69

Consumer finance

212,043

209,566

0.00

2,477

1.17

PCD loans

20,564

13,177

3,683

17.91

3,704

18.01

Gross loans

7,168,836

7,044,986

78,943

1.10

44,907

0.63

Premier Financial Corp. Mortgage and Credit Information (dollars in thousands) As of and for the Three Months Ended Mortgage Banking Summary 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Revenue from sales and servicing of mortgage loans: Mortgage banking gains, net

1,283

439

2,584

2,242

(837

)

Mortgage loan servicing revenue (expense): Mortgage loan servicing revenue

1,842

1,844

1,850

1,845

1,888

Amortization of mortgage servicing rights

(1,238

)

(1,257

)

(1,291

)

(1,277

)

(1,219

)

Mortgage servicing rights valuation adjustments

463

(224

)

131

130

(106

)

1,067

363

690

698

563

Total revenue from sale/servicing of mortgage loans

2,350

802

3,274

2,940

(274

)

Mortgage servicing rights: Balance at beginning of period

19,452

20,174

20,823

21,447

21,858

Loans sold, servicing retained

707

535

642

653

808

Amortization

(1,238

)

(1,257

)

(1,291

)

(1,277

)

(1,219

)

Balance at end of period

18,921

19,452

20,174

20,823

21,447

Valuation allowance: Balance at beginning of period

(756

)

(532

)

(663

)

(793

)

(687

)

Impairment recovery (charges)

463

(224

)

131

130

(106

)

Balance at end of period

(293

)

(756

)

(532

)

(663

)

(793

)

Net carrying value at end of period

18,628

18,696

19,642

20,160

20,654

Allowance for credit losses - loans Beginning allowance

76,512

76,513

75,921

74,273

72,816

Provision (benefit) for credit losses - loans

560

2,143

245

1,410

3,944

Net recoveries (charge-offs)

(393

)

(2,144

)

347

238

(2,487

)

Ending allowance

76,679

76,512

76,513

75,921

74,273

Total loans

6,693,745

6,739,387

6,696,869

6,708,568

6,575,829

Less: PPP loans

(417

)

(469

)

(526

)

(577

)

(791

)

Total loans ex PPP

6,693,328

6,738,918

6,696,343

6,707,991

6,575,038

Allowance for credit losses (ACL)

76,679

76,512

76,513

75,921

74,273

Add: Unaccreted purchase accounting marks

889

1,160

1,526

1,901

2,301

Adjusted ACL

77,568

77,672

78,039

77,822

76,574

ACL/Loans

1.15

1.14

1.13

Adjusted ACL/Loans ex PPP

1.16

1.15

1.17

1.16

Credit Quality Total non-performing loans (1)

39,031

35,491

39,463

36,991

34,377

Real estate owned (REO)

255

243

387

561

393

Total non-performing assets (2)

39,286

35,734

39,850

37,552

34,770

Net charge-offs (recoveries)

393

2,144

(347

)

(238

)

2,487

Allowance for credit losses / non-performing assets

195.18

214.12

192.00

202.18

213.61

Allowance for credit losses / non-performing loans

196.46

215.58

193.89

205.24

216.05

Non-performing assets / loans plus REO

0.59

0.53

0.60

0.56

0.53

Non-performing assets / total assets

0.46

0.41

0.47

0.44

0.41

Net charge-offs (recoveries) / average loans

0.02

0.13

-0.02

-0.01

0.15

Net charge-offs (recoveries) / average loans LTM

0.03

0.06

0.04

0.14

(1) Non-performing loans consist of non-accrual loans. (2) Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof. Premier Financial Corp. Non-GAAP Reconciliations Three Months Ended (In thousands, except per share and ratio data) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Total non-interest expenses

39,900

37,893

38,052

44,495

42,791

Less: Transaction costs (pre-tax)

3,652

Core non-interest expenses

39,900

37,893

38,052

40,843

42,791

Average total assets

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

Core non-interest expenses / average assets

1.87

1.76

1.91

2.06

Total non-interest expenses

39,900

37,893

38,052

44,495

42,791

Less: Insurance agency expenses

7,084

2,993

Non-interest expenses excluding insurance agency

39,900

37,893

38,052

37,411

39,798

Non-interest income

12,496

11,789

13,253

53,346

12,462

Less: Gain on sale of insurance agency (pre-tax)

36,296

Core non-interest income

12,496

11,789

13,253

17,050

12,462

Less: Securities gains (losses)

(37

)

675

256

(1,411

)

Core non-interest income (ex securities gains/losses)

12,533

11,114

12,997

16,986

13,873

Tax-equivalent net interest income

49,649

52,593

54,318

54,059

56,391

Core non-interest income (ex securities gains/losses)

12,533

11,114

12,997

16,986

13,873

Total core revenues

62,182

63,707

67,315

71,045

70,264

Core non-interest expenses

39,900

37,893

38,052

40,843

42,791

Core efficiency ratio

64.17

59.48

56.53

57.49

60.90

Income (loss) before income taxes

22,303

24,686

30,238

62,303

22,252

Add: Provision (benefit) for credit losses

(133

)

1,761

(773

)

540

3,706

Pre-tax pre-provision income

22,170

26,447

29,465

62,843

25,958

Add: Transaction costs (pre-tax)

3,652

Less: Gain on sale of insurance agency (pre-tax)

36,296

Core pre-tax pre-provision income

22,170

26,447

29,465

30,199

25,958

Average total assets

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

Core pre-tax pre-provision return on average assets

1.04

1.23

1.36

1.41

1.25

Net income (loss)

17,789

20,070

24,687

48,391

18,149

Less: Gain on sale of insurance agency (pre-tax)

36,296

Add: Transaction costs (pre-tax)

3,652

Add: Tax impact of sale transaction

8,483

Core net income

17,789

20,070

24,687

24,230

18,149

Diluted shares - Reported

35,771

35,772

35,794

35,800

35,719

Core diluted EPS

0.50

0.56

0.69

0.68

0.51

Average total assets

8,591,947

8,536,193

8,582,219

8,597,786

8,433,100

Core return on average assets

0.83

0.93

1.14

1.13

0.87

Average total equity

974,560

930,835

939,456

921,441

901,587

Core return on average equity

7.34

8.55

10.43

10.55

8.16

Average total tangible equity

667,334

622,592

630,126

586,579

565,169

Core return on average tangible equity

10.72

12.79

15.54

16.57

13.02

View source version on businesswire.com: https://www.businesswire.com/news/home/20240423557482/en/

Paul Nungester EVP and CFO 419.785.8700 PNungester@yourpremierbank.com

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